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Future property may not be covered by a chattel mortgage.
Except: Future property may be the subject of a chattel mortgage when:
1. Such property is a renewal of, or in substitution for goods on hand when the mortgage was executed, or
2. Such property was purchased with proceeds (not of your own money) of said goods.
Except: Future property may be the subject of a chattel mortgage when:
1. Such property is a renewal of, or in substitution for goods on hand when the mortgage was executed, or
2. Such property was purchased with proceeds (not of your own money) of said goods.
